In its April 2017 Tanzania Economic Update, the World Bank said though the country has managed to raise access to financial services from 11 per cent to 62 per cent as of last year, it still requires to work on a number of demand and supply constraints to ensure that the remaining 40 per cent of the population gets included in the financial system.
Dar es Salaam. BancABC yesterday launched agency banking services as it seeks to expand its services to the unbanked population.
In its April 2017 Tanzania Economic Update, the World Bank said though the country has managed to raise access to financial services from 11 per cent to 62 per cent as of last year, it still requires to work on a number of demand and supply constraints to ensure that the remaining 40 per cent of the population gets included in the financial system.
Agency banking is a concept whereby a commercial bank contracts an entity or individual to provide specific services on its behalf.
Speaking during the launch of the Service in Dar es Salaam yesterday, BancABC retail and business banking head Joyce Malai said agency banking provides a quicker solution in the bank’s endeavour to reach out to customers beyond its current area.
BancABC is part of Atlas Mara. The bank is expecting to open two more branches in Dodoma and Mwanza before the end of this year.
The concept of agency banking has been adopted widely in other parts of the world and is viewed as the cost-effective strategy (compared with the traditional brick and motors) for banks to expand their networks.
The Citizen
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